james16 Chart Thread

The location looks good.. At least for a bounce.
Against... Strong trend.
I dont play this cross, just cause i dont have a feel for it.
It does look good though.

There's a better version of that Identifier. Try this one from Forex007;

http://www.forexfactory.com/showpost...ostcount=15870

I have a tough time saying indi . . ca . . . tor. See what mean. lol

Thx. I am playing it for a bounce on my demo. TP is at 1.1950

So... is anyone playing the Usd_Jpy for a trade and not just as a barometer to close existing longs? I have it on demo only due to the fact that there is strong support between 91 and 92 and i don't see it to have alot of room to move. I need the practice however. TP at 91.50

I am demo trading it, looks to have double pinbars on the H4, have my TP at 92.13

IMHO

Its in some 'traffic'. A break of 92.50 and move to BE by about 92.10(Which is not a lot at all on a daily timeframe, hence great reason to pass on it) target 91.50 or 90.90 would be the only option.

Conversely wait for the break, retrace 50 or 61. Then enter.

now, now, now.. you not going to get me into overtrading
It was a very good Monday and let's keep it that way... although
.. I will be looking for a PA on cable off 4750..
Let's hit that 5330

A nice bounce with a 15m-1hr pin would be nice off that zone.

I am passing on USD/JPY and AUD/NZD. Neither pinbar is "A" grade. The nose does not protrude away from price to the immediate left of each and both markets were sideways just before the pinbar formed.

Scott

im going to quote my own post with a message that just came in from the guest area of the site to show all of you why im always harping on treating this as a business. i dont know if this person even watches this thread but in case he does im not going to mention the name so dont worry. if you do watch this please dont be offended by me posting the message. no one will know who you are and perhaps this will help someone here or someone might post and help you.

i receive these every week and i honestly never seem to have the right words. many of you may think that people really dont get themselves into trouble at this business or if so there are not that many. i assure you that everytime you log on and see 2000 traders at FF a good percentage of them are searching desperatly for a way out of dire trouble.

"I have been trading on live account since march 2005,many times i made good profit but final result is minus and i have wasted more than $150,000 in this period.I have read many tips, books and article,subscribed one online site which gave trading signals only for a month ,that was very bad month. Pls suggest Thanks. Now am on road, no house ,no money, Family in trouble, huge debts."

I see what you mean, where would you start to answer an email like this.

There is more to this then just trading advise. He happened to get your email address, Jim, that's a good start. But I'm a little bias on that.

Jim,

Having been trading for a very short time I can say that over trading is my vice. It's this feeling of trying to get every single pip out of the market and not let a single "supposed" opportunity get away...

Over trading has been a lot of work to end up with little or no gain. I know I still over trade and hope to out grow it and it sounds like the sooner the better too.
I did take a daily pin bar trade on the USD/CAD this morning and banked some cash and it was SO MUCH EASIER than jumping in and out of trades like a maniac.

Thank you for the Thread and thank you to all the folks on here for their dedication and help.

James,

with much due respect, the explosion of computer trading -no need for a broker, 1 click trading, instant charting, 100K DEMO accounts, etc) and existence of REAL microaccounts ( 1 pip = 1 cent) now it is possible for a newbie to turn the game in his favor in 1-2 years, but he has to be in the RIGHT mind set-up, which almost never happens.

may i suggest a possible alternative ( hopefully no one will commit suicide because of this).

if 1 pip = 1 cent => 1000$ = 100K pips. one can practice good money management (50-100 pips stop loss, etc). this way is not the money that matters at one point, but the time spent and dedication to learn the way this ocean which is market works.

NEVER EVER size up microlot size till you are not consistenly in profit.
my main point is that overtrading is not necessarly bad for a newbie, this is the way to learn; one just needs to play with the SMALLEST possible entry
size, which these days is one cent.

one can demo in parallel a 100K $ account size. i recall reading on Ronald Raygun profile how much "virtual" money he lost.


one needs to trade, trade, trade, trade, trade, trade, trade, till it gets in its blood. he need to reach the point when he can see this ocean from 30000 feet above and be able to plunge below it in the abyss too; but till one gets the view, first it needs to learn how to swim, take small jumps and small dives; remember that in stratosphere the air gets thinner, but the gravity still works; in the abyss the pressure surrounding pressure is high but there is an absolute bottom.

the market is a BEAST; you don't know this when you start your trading journey. this beastt will test, analyze you and bleed you as much as it can way before you learn how to dissect it. if you give it one red blood cell at a time, insted of your whole blood, you may get a bit of anemia, but never bleed to death.

i guess it would be possible for a newbie to "trade" successfuly from the beginning with few trades, but only on weekly time frame -here the market movements are big enough to set the stop loss and profit in good agreeement with 1-2-5-10% risk of account size. on daily and below time frames movements are too small. of course, on weekly frame, one may grow some beard, before profit comes, and patience is not the best virtue for a newbie.
another problem which may appear is if one has success on this higher time frame, doesn't really know how to trade (see "fooled by randomness") and blinded by his prior "profits" goes trading to a smaller time frame, without sizing down his trade.
here disaster comes.

hopefully he will reach the point when profits become irrelevant (as only the past losses really count). do not succumb to losses. Scott reached the South Pole ( http://en.wikipedia.org/wiki/Robert_Falcon_Scott ) only to find out that Amundsen got there before him. unfortunately he died on his way back.

go slow, find both your north and south poles. you need to plan ahead how to get there and then return back to life.

with much respect and admiration for your work and help.

half-smiling, half seriously, instead of all of these, of course, a lucky newbie can find a good mentor or stumble upon your thread.



Liviu

ps. i am not affiliated with James group.

[/quote]

The single biggest reason for failure IN MY OPINION IS overtrading and the single biggest reason for overtrading is a small account.

You can cure most people of overtrading by simply giving them a large account. Of course they have to get the large account themselves and its almost impossible for most people to save 50 grand while demoing.

Trading becomes infinitly easier when you no longer need to take more than 2 or 3 great set ups a month which nets you a large sum. trading is very difficult when you follow your rules and it nets you a hundred bucks a month or less.

You must make a decision.

1. I will demo for as long as it takes to save the sum for a large account.
2. I will somehow force myself to only take the best set ups even though it means almost nothing money wise.

The key to success by many in this thread over the years and also mine years ago was/is.

1. a large account.

2. day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not working the move for a swing or position trade if we bust some early s/r.

3. learn to use side to side support and resistance ( j16 pivot zones if you wish) to manage your trades and allow them to be the basis for whether its a day/swing or position trade.

4. simple good common sense money management/risk profile.

Now im gonna make the kind of statement you very rarely ever see me make.


Take what i just posted and go watch the videos. (free ones if your not a member) and you now have a better chance of success than your ever going to find anywhere else and i dont give a rats ass what it costs.

Jim[/quote]

EUR/JPY is resting pretty well on PPZ..with 23.6 fib influence...
Will let the bull and bear fight themselves...

Sonic

and which is the best thing to do! Nothin' much happening abt your favourite pair currently Dj, let's wait for it to give some direcion

I just spotted a DBLHC on the USD/CHF 4H tf (with FXpro feed) previously bouncing of 61.2 ret. no other confluence

I need some advice about this LOCATION of the PA, Thanks

ALM

Hey ALM

I see nothing more then a consolidating market at the time being. This bar has yet to close, but take a step back and look at how price is sideways and this bar is stuck in traffic. Wait for the good ones they will jump out at you.

Here is a chart

Mike

Happy Birthday for Sunday by the way
Not cool to be sick on your birthday

It's his B'dy?! Now common Mike, we should have been informed!!!

2. day trading OFF OF A DAILY CHART (if necessary based on a possible retrace of an initial move) and if not working the move for a swing or position trade if we bust some early s/r.

Would Somebody be so kind to tell me Jim's Quote's second half with different words?
THX, NL